Volume 2021 (12),
Article ID 37127621,
Economic Perspectives - Challenges, Strategies, and Policy Implications: 37ECO 2021
Abstract
Analysing the level of socio-economic development in specific regions, it must be remembered that it is a sort of a multidimensional characteristic, which cannot be measured directly but which is described by a range of diagnostic variables, which should be connected with it substantively. Ordering the regions from the “best” to the “worst” occurs on the basis of a value describing individual regions (a synthetic variable, a synthetic measure of development) obtained from a function aggregating the information included in the adopted diagnostic variables. When analysing the regional development by means of methods being part of a multivariate comparative analysis, the adoption of a specific system for weighing diagnostic variables can have a significant impact on the obtained final study results. This article aims to determine the effect and importance of the system of diagnostic variables weighing for the final results of such studies.